On August 2, New Hampshire passed House Bill 1243 (the “Bill”), which substantially amends its Motor Vehicle Retail Installment Sales Act (the “Act”). The Bill is effective as of August 2.Continue Reading New Hampshire Updates Motor Vehicle Retail Installment Act: What Lenders Need to Know
In recent weeks, Texas and Louisiana became the latest states to enact legislation establishing licensure requirements for digital asset service providers.Continue Reading Texas, Louisiana Enact Digital Asset Licensing Legislation
State legislatures in Georgia and Rhode Island recently amended their lending and licensing laws. The following are the noteworthy updates:
Continue Reading Georgia and Rhode Island Amend Consumer Finance Laws to Add Licensing Exemption, Remote Work Authorization
Recently, the Louisiana lawmakers and regulators have taken steps to legalize operations in the state involving virtual currencies. On June 15, the Louisiana governor signed a bill that, effective August 1, 2022, will allow financial institutions and trust companies to provide virtual currency custody services to their customers as long as they satisfy certain requirements on risk-management and compliance. On June 20, the Louisiana Office of Financial Institutions (OFI) published proposed rules on licensing and regulation of virtual currency businesses in the state pursuant to the Louisiana Virtual Currency Business Act, which went into effect on August 1, 2020.
Continue Reading Louisiana Approves Virtual Custody Services and Proposes Virtual Currency Business Licensing Rules
On February 11, the California DFPI issued an opinion letter in response to an EWA provider’s request for a specific ruling from the DFPI about whether the company’s EWA solution is subject to licensure under the California Financing Laws (CFL) and California Deferred Deposit Transaction Law (CDDTL). In response, the DFPI concluded that the provider does not originate or facilitate loans subject to the CFL or CDDTL, and that neither the provider nor its employer partners are subject to the CFL or CDDTL’s licensing requirements.
Continue Reading DFPI Approves EWA Provider
Pursuant to Financial Code section 22159(a), all DFPI California Financing Law licensees are required to submit the annual report on or before March 15, 2022, even if the licensee had no business activity in the calendar year 2021. Failure to submit the annual report by the due date will result in penalties pursuant to Financial Code section 22715(b).
Continue Reading DFPI Reminds Licensees to Submit Annual Reports by March 15